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Former Baugur boss claims to be down to his 'last million'

Jon Asgeir Johannesson, the former boss of collapsed Icelandic investor Baugur who made millions snapping up swathes of the UK high street, has claimed in court that he has only a little over a million of assets left.

Johannesson, who made £600m buying and investing in chains including House of Fraser, Debenhams, Oasis, Karen Millen, Whistles and Jane Norman, claims he has only £1.1m of assets left.

Johannesson is fighting lawsuits in London and New York which allege that he led a conspiracy to defraud collapsed Icelandic bank Glitnir of $2bn (£1.4bn), something Johannesson strongly denies.

The High Court has frozen his assets and Johannesson’s application to have the freezing order lifted was rejected.

According to reports, a judge said that there was “something unreal” about Johannesson’s rapid reduction in wealth.

Baugur hit the buffers in February last year.

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